Buying a Condo: HOA’s

Save & Spend Smart

In this tight economy, many would-be home buyers find that a condominium is more affordable than a single-family house; offering amenities, such as a swimming pool or fitness room, which they could not afford on their own.

Condo owners may also enjoy professionally landscaped grounds, onsite maintenance staff, and sometimes the security of a gated entrance and nearby neighbors. Along with the perks, however, there are some potential drawbacks which you should be aware of before considering a condo purchase.

When you purchase a condo, you become a member of a homeowners’ association (HOA).

What to Look For

If you’re considering the purchase of a condo, ask for a copy of the HOA’s financial statements, CC&Rs, by-laws and regulations as well as the minutes from the previous year’s monthly HOA board meetings. Speak to nearby condo residents and the HOA board of directors. These steps will help you analyze both…

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